Scott Simpson, president and CEO of America’s Credit Unions, which is a national trade association representing credit unions, called on Congress to continue deregulating the credit industry to help everyday Americans, while praising the Trump administration for leading in that deregulatory effort.
Simpson took to the stage with Breitbart News Finance and Economics Editor John Carney on Tuesday at the Breitbart News “State of the Economy” policy event in Washington, DC, which featured Treasury Secretary Scott Bessent.
Breitbart News Finance and Economics Editor John Carney (left) interviews President and CEO of America’s Credit Unions Scott Simpson at the Breitbart News “State of the Economy” policy discussion on Tuesday, September 8, 2026, in Washington, DC. (Dan Fleuette)
After sounding the alarm to the live audience about cybersecurity and consumer finance concerns associated with the Credit Card Competition Act, Simpson delivered a message on what Congress should do besides killing that proposed bill.
“If you don’t have the capacity to earn for a credit union, we lose the capacity to lend. And when you lose the capacity to lend, you’re pulling back from consumers. Which means you can’t lend deeper into credit risk profiles, and regular folks will be left to the wolves,” Simpson said, highlighting predatory lending practices that exist on the market to target those who cannot use traditional credit.
Pointing to Bessent’s “intense focus” on affordability and the vitality of the American economy, the trade association president said Congress needs to “have the discipline” to “continue this deregulatory effort that allows for the free flow of risk and reward, for credit to be able to lend deeper into the market to people who ordinarily would not have access to this opportunity, to this capital.”
President and CEO of America’s Credit Unions Scott Simpson highlighted predatory lending practices that exist on the market to target those who cannot use traditional credit during the Breitbart News “State of the Economy” policy discussion on Tuesday, September 8, 2026, in Washington, DC. (Dan Fleuette)
“If you live where we live, and if you engage America where credit unions engage America, these things that they carry in their wallet are transformational,” Simpson explained. “It is the difference between groceries on the table, between putting gas in the car, putting shoes on their kids’ feet before they send them off to school. It’s transformational.”
Noting that the Trump administration has already begun leading the charge on deregulating credit unions so that more people can have an easier time using credit cards, Simpson said, “We’re grateful that we’ve seen that from the administration.”
Reducing the regulatory pressure on the industry is imperative because “every dollar that we can’t make in revenue” from a credit card program ends up “harming the American consumer,” he argued.
“For every dollar we have to spend complying with onerous regulation, duplicative regulations — has the same net effect,” Simpson concluded.
WATCH: “State of the Economy” — A Discussion with Treasury Secretary Scott Bessent:
Olivia Rondeau is a politics reporter for Breitbart News based in Washington, DC. Find her on X/Twitter and Instagram.
Read the full article here